Create Chart of Accounts for Construction Company in Excel

Step 1 – Prepare a List of Assets

• Current Assets include cash, accounts receivable, etc.

• Long-Term Assets include Land, Buildings, Vehicles, etc.

Step 2 – Make a List of Liabilities

Liabilities are the obligations that an organization has to pay to a business entity.

• Current Liabilities are the liabilities an organization has to pay within one year. These include Accounts Payable, Notes Payable, etc.

• Long-Term Liabilities are the liabilities an organization has to pay over one year. These include Bonds Payable, Long-Term Loans, etc.

Step 3 – Create a List of Revenues

Generally, the accounting period is 1 year. Revenues are not only the money that an organization generates.

• Revenues include Sales Revenue, Service Revenue, etc.

Step 4 – List Out Accounts Under Expenses

• Expenses include material costs, equipment costs, salaries and wages, office rent, etc.

Step 5 – Prepare a List of Equity Accounts

• Equity (also known as Owner’s Equity) is the owner’s or shareholder’s contribution to the company. Equity includes Capital Stock, Retained Earnings, etc.

Things to Remember

• The chart of Accounts varies from one organization to another.
• Account Numbers are used for reference purposes.

Download the Practice Workbook

You can download our sample workbook to use as a template for your company and expand it if needed.

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